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Session: State Capitol, Room 406 Juneau, AK 99801-1182 Phone: (907) 465-3783 Toll Free: (Jan-May) 1-877-460-3783 Fax: (907) 465-2293 Send E-Mail Interim: 716 W 4th Avenue, Suite 650 Anchorage, AK 99501-2133 Phone: (907) 269-0174 Fax: (907) 269-0177 |
First Revision to UCC Article 9 in 28 Years
| For Immediate Release: April 18, 2000 | |
| Contact: | Representative Lisa Murkowski at (907) 465-3783. |
Juneau -- The Alaska Senate Tuesday passed House Bill 239, sponsored by Representative Lisa Murkowski (R-Anchorage).
HB 239 is a 140-page revision of Article 9 of the Uniform Commercial Code (UCC), which provides the statutory framework that governs transactions in which debt is secured by the property of the borrower. Article 9 is in effect in every state. These revisions have already been adopted in 12 states and have been introduced in at least 20 others.
"This review is long overdue and will simplify how secured transactions are handled in Alaska and throughout the country," Murkowski said. "Revised Article 9 represents the first comprehensive revision in over 25 years and brings the world of secured transactions into the 21st Century by recognizing that times and technology have changed."
HB 239 passed the Senate unanimously.
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